The market size of Automotive Wrap Films is expected to reach
BEIJING, Dec. 20, 2022 (GLOBE NEWSWIRE) — Automotive Wrap Film Market Statistics
- Global automotive wrapping film market revenue was worth USD 4.689 billion in 2021, with a CAGR of 22.4% from 2022 to 2030
- North America Automotive Wrap Film Market Share Increased Over 35.8% in 2021
- Asia-Pacific automotive wrapping film market growth is expected to expand at a CAGR of 25.2% from 2022 to 2030
- By vehicle type, the light vehicle segment captures more than 53.3% of the total market share in 2021
- Rising demand for mobile advertising drives market value of car wrap films
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Automotive Wrap Film Market Coverage:
|Market||Automotive Wrap Film Market|
|Automotive Wrap Film Market Size 2021||USD 4.689 Million|
|Automotive Wrap Film Market Forecast 2030||USD 28.344 Million|
|Automotive Wrap Film Market CAGR During 2022 – 2030||22.4%|
|Automotive Wrap Film Market Analysis period||2018 – 2030|
|Automotive Wrap Film Market base year||2021|
|Automotive Wrap Film Market forecast data||2022 – 2030|
|segments covered||By film type, by vehicle type, by application and by geography|
|Automotive Wrap Film Market Regional Scope||North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa|
|Key companies profiled||Avery Dennison Corporation, Arlon Graphics, LLC, The 3M Company, Kay Premium Marking Films (KPMF), Ritrama SpA, Vvivid Vinyl, Orafol Group, Hexis SA, JMR Graphics Inc., and Eastman Chemical Company.|
|Report Coverage||Market trends, drivers, restraints, competitive analysis, player profiles, regulation analysis|
Automotive Wrapping Films Market Overview
Car wrapping films are wallpaper that is adhered to the body of a vehicle to protect it from dust and corrosion. Car wrap films are made primarily of vinyl and are customized for the vehicle owner. Car wrapping films are inexpensive because a single film can last up to five years.
Automotive Wrap Film Market Trends
The automotive wrapping film market is primarily driven by the global demand for used cars. In addition, the increasing demand for vehicle protection against hazards such as monsoons, sand and rust drives the market for car wrapping films. In addition, the growing influence of automotive illustrations, combined with the expansion of mobile advertising, supports the global expansion of the car wrap film market. However, growth in demand for automotive wrap films is likely to be hampered by intense competition from the automotive industry for cost and quality. Among the main factors driving these projections are the growing preference for custom vehicles and the constant demand for used vehicles. In addition, price compatibility, as well as millennial customers, are important factors when choosing cars and light-duty trucks, such as SUVs, cars, and utility vehicles. Rising demand for light vehicles is expected to drive revenue growth in the market.
In recent years, mobile advertising has become an effective and profitable advertising medium. The automotive movie app allows any car including a cab, vehicle or jeep to become a mobile ad allowing for an ever increasing number of visitors per day. More eye-catching and detailed than other media advertisements, car wrap films attract a significant number of audiences. The growing demand for digital applications is expected to drive the growth rate of the market.
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Automotive Wrapping Film Market Segmentation
Acumen Research and Consulting has segmented the global automotive wrap film market based on film type, vehicle type, and application. By film type, the segment is divided into window films, paint protection films, and wrap films. According to the automotive wrap film market forecast, the window film category is anticipated to develop significantly in the coming years.
Regarding the type of vehicle, the market is classified into heavy vehicles, light vehicles and medium vehicles. Furthermore, the market is divided into advertising purpose and special purpose, depending on the application.
Regional overview of the automotive wrapping film market
Based on the region, the global automotive wrapping film market segmentation is into Asia Pacific, Europe, North America, Middle East and Africa, and Latin America. According to an analysis of the automotive wrap film industry, North America had the largest market share in 2021. This expansion is primarily a result of the presence of major auto manufacturers in the region. Advanced color-changing technologies and an increase in research and development spending by major influencers contribute to the expansion of the region’s automotive wrapping film market.
On top of that, Asia-Pacific is expected to emerge as the most attractive market for automotive wrap films during the projected time period. This expansion is due to the expansion of the automotive sector in India, Japan and China. Furthermore, the region is expected to serve as a valuable revenue compartment due to favorable government schemes and low labor costs. The expansion of Argentina’s automotive sector is boosting the Latin American market for automotive wrapping films.
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Automotive Wrapping Films Market Players
Some of the prominent companies in the automotive wrap film market include Avery Dennison Corporation, The 3M Company, Ritrama SpA, Orafol Group, JMR Graphics Inc., Arlon Graphics, LLC, Kay Premium Marking Films (KPMF), Vvivid Vinyl, Hexis SA and Eastman. chemical company. In order to gain a dominant position in the market, most of the major players have implemented strategies such as mergers and acquisitions, new product launches, and expansion. Key players are investing heavily in advancing technology to enhance the functionalities of car wrap films.
Questions answered by this report
- What was the size of the Automotive Wrap Films Market in 2021?
- What will be the CAGR of the Automotive Wrapping Films market during the forecast period from 2022 to 2030?
- Who are the key players operating in the global Automotive Films market?
- Which region held the highest share of the Automotive Wrapping Films market in 2021?
- What are the major drivers of the Automotive Wrap Films market?
- Who is the largest end-user of the Automotive Wrap Films Market?
- What will be the value of Automotive Wrapping Films market in 2030?
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